This also existed in Windows Vista and Windows XP. Like the author, I don't know if it still exists in Windows 8 or 10. I haven't regularly used Windows since I left Microsoft in 2007 ;)
This still exist in windows 8, it's visible as app icon and double click still works.
In other words, it's actually been improved (or reverted to visible) in Windows 8 and 10. So OP, go ahead and take the plunge; you'll probably like it!
It does not work for Windows 10 universal apps, but nobody uses those anyway 8-)
It does if you hit the keyboard shortcut (alt-space)